Uber is contemplating a substantial investment in Moove, a Nigerian mobility fintech startup, at a valuation of $750 million.

The ongoing funding round, ranging between $75 million and $100 million, holds the promise of wider driver financing options globally. The investment has the potential of reshaping the landscape of transportation services in Africa.

Moove has served as Uber’s official vehicle-financing partner in sub-Saharan Africa since 2020, pioneering innovative solutions that empower drivers to access cars without hefty down payments.

Through Moove’s platform, drivers can own vehicles with flexible payment terms, utilizing a credit-scoring system to purchase new vehicles for ride-hailing, logistics, and deliveries.

This transformative partnership has revolutionized driver financing, enabling individuals to pay off vehicles through daily installments from their Uber earnings.

Furthermore, Uber drivers applying for Moove financing stand to benefit from reduced weekly payments through Uber’s Clean Air Plan. This will enhance affordability and accessibility to vehicle ownership.

Moove’s comprehensive package includes a 4-week payment break, servicing, breakdown cover, comprehensive insurance, private hire license, and congestion charge, ensuring a hassle-free experience for drivers.

Headquartered in Amsterdam, Moove operates as Uber’s financing partner not only in Africa and India but also in the UK and UAE.

If Uber’s potential investment materializes, Moove’s partnership with the ride-hailing giant could expand globally, further amplifying its impact on mobility financing and vehicle ownership solutions.

Moove, founded in 2019 and originally based only in Lagos, Nigeria, specializes in providing financial services and vehicle financing to mobility entrepreneurs in emerging markets.

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The company’s innovative services cater to entrepreneurs in various sectors, including ride-hailing, logistics, mass transit, and instant delivery platforms.

Moove’s offerings include revenue-based financing solutions, financial services, alternative credit-scoring technology, and access to proprietary performance and revenue analytics.

Leveraging technologies such as Route 53, Amazon AWS, Amazon CloudFront, and Datadog, Moove ensures efficient and secure operations across its platform.

One of Moove’s key benefits is its vehicle financing program, offering loans to drivers to purchase new vehicles with financing of up to 95% of the purchase value within five days of sign-up.

Drivers have the flexibility to repay loans over 24, 36, or 48 months, making vehicle ownership more accessible and manageable.

The partnership between Uber and Moove has led to the creation of UberGo, a ride-hailing option on the Uber app that offers cheaper options to riders.

Moove provides the vehicles for this option, further strengthening the collaboration between the two companies.

Looking ahead, Moove plans to utilize new investments to strengthen its presence in existing markets such as Mumbai, Bengaluru, and Hyderabad.

This will be while also expanding into new markets that include Delhi, Kolkata, and Pune.